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Check out some estimated quotes for PolicyMe's 20-year term life insurance coverage with a coverage amount of $250,000:
Woman, aged 36, non-smoker from Yorkville: $22.38/mo
Man, aged 32, non-smoker from Leaside: $26.33/mo
Woman, aged 46, non-smoker from Bloor West Village: $49.49/mo
Man, aged 42, non-smoker from Davisville Village: $48.53/mo
Man, aged 30, smoker from Roncesvalles: $50.43/mo
Ready to see what kind of affordable rate you can get with PolicyMe?
Some of the best-rated life insurance companies in Toronto have their headquarters in the city. We opened our very first office in Toronto in 2018.
Many families take out life insurance when they buy a home. Your family can potentially use a tax-free life insurance payout to help cover the mortgage payments and home bills.
zolo.ca/toronto-real-estate/trends
Do you have group life insurance with your job (often called optional or employee life insurance)? If you have a family, you might need more coverage. Term life insurance provides an additional safety net if you have a partner, kids, or a mortgage.
toronto.ca/city-government/data-research-maps
There is no particular type of life insurance you need in Toronto, as in: you’re not legally required to have any. But it can be a smart move if you want to have an additional safety net for your family.
Think about how your family might cover costs if you weren’t around – do they currently rely on your income to pay for things like groceries, school fees, and mortgage payments? A tax-free payout from an insurance company could be used to help pay for the things they need. With term life insurance, you get peace of mind in return for super affordable monthly premium payments.
In Toronto, you can get life insurance from an insurance company or a licensed insurance agent. Before you start drawing up your list of top-rate companies and agents, head over to the Financial Services Commission of Ontario's website. There you’ll find a list of licensed agents and companies that are regulated by the FSCO.
You can help narrow down your options by looking up independent reviews online (spoiler: PolicyMe has a nearly 5-star rating from 690+ customers over on Reviews.io). And take a look at YouTube and online blogs for more in-depth reviews on different insurance solutions.
If you outlive your life insurance in Toronto, your policy will no longer be in effect. This means that you aren’t covered anymore and your family won’t get a death benefit if you pass away.
To get ahead of the end of your policy term, you can contact your insurer to renew your existing policy. You might also consider converting your policy to a permanent life insurance policy (meaning you’re covered for the rest of your life). But if you do decide to convert your policy to a permanent one, your monthly premiums will likely increase.
Life insurance in the city of Toronto can cover anything your loved ones need it to. Your family can use a potential life insurance payout, also known as the death benefit, to cover things like mortgage payments, tuition, child care, time off work, etc.
To help make sure you have the best coverage to meet your family’s needs, think about your biggest everyday costs and how your family's future plans.
If you have younger children, you’re probably already thinking about how your family could use a potential payout to cover childcare, extracurricular activities, hobbies, and monthly mortgage payments. But also consider if your children will want to head off to college or travel the world after they graduate.
Life insurance does actually pay out in Toronto. Many people (understandably!) fret over whether or not their life insurance will pay out. But you take out life insurance to help provide a financial safety net for your family during a difficult time.
One of the reasons life insurance won’t pay out is if you stop making your monthly payments. Another reason? You gave incorrect information on your application or didn’t share everything you needed to with your insurer.
Examples of this may include: leaving out important facts about your medical history, answering medical questions incorrectly, or failing to mention past drug or alcohol misuse. This is also the case if you fail to let your insurer know about a change in your circumstances.
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